8th Grade - Civics & Econ vocab (wk. of 4/23)
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Created by:
kilmerwolf on April 22, 2012
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13 terms
Terms | Definitions |
|---|---|
 production | the combining of human, natural, capital and entrepreneurship resources to make goods or provide services; resources available and consumer preferences determine what is produced |
| consumption | the using of good and services; consumer preferences and price determine what is purchased and consumed |
| proprietor | a person who has the legal right or exclusive title ot something; owner |
| liability | obligated according to law; in economic terms it usually means of financial obligation to repay debt or pay for damages |
| assets | all things of worth owned by a person or business, including cash, property, equipment, and money owed to them, as well as the value of a company's brand name and reputation |
| incentive | things that incite or motivate; incentives are used to change economic behavior |
| opportunity cost | what is given up when a choice is made; the highest valued alternative that is forgone |
| price | the amount of money exchanged for a good or service; interaction of supply and demand determines price; price determines who acquires good and services |
| resource | the factors of production that are used in the making of goods and services; types of resources are natural, human, capital and entrepreneurship |
| recidivism | a tendency to relapse into a previous condition or mode, especially relapse into criminal behavior |
| recognizance | a legal promise made by someone before a court of law that must be kept to avoid being punished |
| economics | a science concerned with the process by which good and services are produced, sold, and bought |
| scarcity | the inability to satisfy all wants at the same time; all resources and goods are limited. This requires that choices be made. |
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